Mark Jefferies is certainly going up in the world. He has
just bought his first home. It is in one of London's most
buzzing areas and it's in the tallest residential building in
central London.
Mark's flat is one of Family Mosaic's Esprit Apartments, a
collection of 89 one and two bedroom homes that occupy eight floors
of the iconic Strata Tower, whose 42 storeys soar above Elephant
& Castle. Thanks to Family Mosaic's shared ownership
scheme, he has been able to buy into the high life for just £52,500
- the cost of his 25 per cent share of the property, whose full
value is £210,000.
'It has all come as a bit of a shock, frankly,' Mark says. 'I
had seen the tower taking shape on the skyline but it wasn't until
I saw apartments advertised in the newspaper that I thought I might
be in with a chance of getting one. I went to a meeting for
potential buyers and really liked the flats that Family Mosaic were
offering. I was quite surprised when I got one! I
wasn't choosy about which one I went for, so I think that boosted
my chances.'
Mark's flat is on the tenth floor and comprises a double
bedroom, bathroom and kitchen/living room - perfect for a
first-time buyer. 'The appliances and fittings that were
included made all the difference to the affordability,' says Mark,
who sold his car to fund furnishing his new home. They
include an integrated stainless stell oven and a full height
fridge-freezer, a wall mounted heated towel rail and over-bath
thermostatic mixer shower in the bathroom and fitted carpets in the
bedroom.
Residents will also save money on energy, as the Strata Tower is
the first development in the world to integrate wind turbines into
the fabric of the building, designed to bring energy costs
down.
Mark, 23, who works in the IT department of a travel company in
Barbican, had been living with his parents in Sidcup and had no
immediate plans to move out, but the Family Mosaic deal was too
good an opportunity to miss. 'The trains from Sidcup were a
nightmare and very expensive; now I cycle 20 minutes to work for
nothing.'
There is a secure storage facility for bikes; indeed, Mark, who
moved into his new home on 12 August, has been impressed with the
level of security throughout, which includes a 24-hour concierge
service, electronic residents-only access to the lifts and CCTV in
the reception.
Esprit Apartments and the Strata Tower are a dynamic part of a
£1.5 billion project to regenerate Elephant &
Castle, which is set to make the area a sought-after
residential destination. Planning permission has been granted
for the creation of a pedestrianised town centre, market square,
green spaces, and thousands of new homes by 2014. The
regeneration scheme will also consist of a comprehensive tree
planting programme.
The regeneration of the area is one reason why Mark is looking
at his flat as a long-term investment: 'I'm planning to buy greater
shares in the property over time. The whole area is on the
up, so values are bound to appreciate.'
Esprit Apartments are available on a part-buy, part-rent
basis. This means that you buy the share of your home you can
afford, and pay a subsidised rent on the remaining share of the
property. You can start by buying as little as 25% and can
increase your share at any time, all the way to 100%. To be
eligible for the scheme, purchasers will have a household income of
less than £60,000 and be purchasing the apartment as their first
and only home.
Priority will be given to those either living or working in the
London Borough of Southwark and surrounding areas.
Prices at Esprit Apartments start from £52,500 for a 25% share
based on a full market value of £210,000 for a one bedroom
apartment. For further sales information, please contact 020
7089 1315.